Smith's Manufacturing Inc.'s partially completed manufacturing overhead budget for the year ending December 31, 2022 is provided below: Total 22,000 $ 2.75 $60 500 Smith's Manufacturing Inc Manufacturing Overhead Budget For the Year Ending December 31, 2022 January to July to June December Budgeted direct labour hours 10,000 12,000 Variable overhead rate $ 275 $ 2.75 Vanable manufacturing overhead $27.500 $33.000 Fixed manufacturing overhead Insurance on the factory 6,000 6,000 Depreciation on factory equipment 7,000 7,000 Production manager salary 40.000 40.000 Total fixed manufacturing overhead 53 000 53 000 Total manufacturing overhead $80.500 $86,000 12,000 14.000 80 000 106.000 $166,500 1000 VUU 14,000 Deprecauon Un Livry equipment Production manager salary Total fixed manufacturing overhead Total manufacturing overhead 40.000 40.000 80.000 53 000 53 000 $80.500 106,000 $86,000 $166,500 Notes: The annual insurance on the factory ($12,000) is paid in March each year The company applies overhead based on estimated direct labour hours Required: 1. Complete the manufacturing overhead budget (4 marks) 2. Calculate the predetermined overhead rate (POHR) (1 mark)